Good performance for day one
Intrasoft technologies Limited the owners of the greeting card website 123greetings listed their share on the BSE and NSE yesterday. There was a listing ceremony held at the BSE for the same. The share listed at the BSE at Rs 140 and Rs 150 on the NSE. Within seconds the share had made its low of Rs 123.30 on the BSE and Rs 124 on the NSE respectively. The share recovered as dramatically thereafter and in the next couple of minutes the lows were like an aberration or a ‘glitch’ in technical language.
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 140.00 | 167.15 | 123.30 | 159.35 | 14.35 | 9.90 | 156.12 | 16800481 | 991894 | 5.90 |
| NSE | 150.00 | 167.40 | 124.00 | 159.10 | 14.10 | 9.72 | 155.98 | 22110514 | 1733018 | 7.84 |
| Total | 38910995 | 2724912 | 7.00 |
The share made a high of Rs 167.15 on the BSE and Rs 167.40 on the NSE. Trading volumes were huge and the total traded volume was 389.11 lakhs or 10.5 times the IPO size of 37 lakhs. Delivery volume of 27.25 lakhs was just about 7% of the traded volume but a very significant 73.64% of the IPO size. What is significant from these numbers is that the listing debacle of Shree Ganesh Jewellery which happened on Friday is still very fresh in the minds of people and they would take quite some time to get out of it. Probably it was this listing drama of Friday which saw the share dip momentarily to a low of Rs 123.30 on the BSE and Rs 124 on the NSE respectively. However the fact that prices recovered in less than a couple of minutes also suggest that the fall was only to create a panic if possible so that the share could get hammered and result in money for short sellers. This did not happen simply because the issue which was subscribed just about 19 times ensured that nobody got substantial allotment and therefore did not have a large quantity to sell.
The trading was huge and the delivery as a whole very significant as almost 75% of the shares have changed hands. The management post listing has given top line guidance and also profitability guidance in interviews to television channels. On a fully diluted basis the earnings for FY 2009-2010 which is just gone by would see the company earn a EPs of Rs 6 which would in the following year 2010-11 rise to and EPS of Rs 10, a growth of almost 66%.
Today the share is likely to see some sideways movement and probably trade in a broad range of plus minus 10 Rs from yesterday’s close. It would be interesting to see how the share fares in the coming days as almost all investors would be brand new and it would depend on the person now entering the share at a 10% premium on what his view on the share is.
